It was the calm before the storm on the Irish market yesterday, with dealers and investors alike gearing up for some frantic "conditional" trade in Eircom this afternoon.

Volumes were relatively low across the board, with even the financials struggling to get past two million shares.

AIB had a relatively good day, closing one cent stronger at €12.20 after moving towards €12.30 in earlier trade.

Bank of Ireland was also positive for much of the day, but closed down one cent at €10.45.

Anglo Irish Bank was again jumpy as it lost 15 cents to finish at €12.75. There is an expectation in the market that the bank will issue a pre-close trading update within the next few weeks.

Elan had an excellent day as its management team continues to present to investors. Shares climbed by 5 per cent to €15.15.

CRH was busy as it rose five cents to €16.60. Dealers said investors were viewing current levels as appealing entry points.

Ryanair continued to struggle, losing seven cents to close at €4.43.

McInerney did well in the wake of positive post-budget performances from British housebuilders on Wednesday. Shares rose by five cents to €4.76. Abbey also did well, adding five cents to close at €7.75.

Paddy Power was in good form after a broadly positive Cheltenham racing festival. Shares rose by 32 cents to €8.75.

Iona was solid after gaining 17 per cent in Wednesday's US trade. Shares closed 10 cents higher at €6.10 in Dublin after one of the firm's peers issued impressive results.

Management buyout target Barlo was weak on the day, with shares driven down four cents to 39 cents on low volume.

Gresham, where a consortium of investors is looking at a bid of €1.45, added four cents to close at €1.18.

Tullow Oil attracted extremely heavy volume in London, where close to 15 million shares traded. The oil firm fell 1p to 102p sterling.